Mortgage Debt for Canadians is Going Down
For months we’ve been hearing about how Canadians need to start taking their debt seriously. The federal government started that ball rolling early in the year, putting tighter restrictions on secured line of credit borrowing. Canadians in turn, started to take their own debt seriously. Maybe because of the economic uncertainty around the world, or maybe just to keep our economy’s head above water – something we managed to do even during the recession. But among all the talk, there was always one exception – mortgages
Read moreReport Shows ‘Sizable Minority’ of Canadians Could Not Afford a Rate Increase
So our interest rates right now are pretty low. They’ve been pretty low for some time, and they’re going to remain low for at least a little while longer. But what would happen if they were to increase, even just one percent? While many Canadians have been so busy trying to choose between a variable or fixed rate over the past few weeks, a report from the Canadian Association Accredited Mortgage Professionals looks at another question: what if Bank of Canada’s rate increased, even slightly? The results might be somewhat surprising.
Read moreMerrill Lynch Thinks Canadians are in Trouble; are we?
A recent report by the Bank of America Merrill Lynch report has gotten some Canadians worried, as the report states that those of us carrying a floating rate mortgage are in trouble. But do we really have reason to be worried?
Read moreThis Week’s Financial Round-Up
In case you missed any of it, here’s our roundup of this week’s blog posts
Read moreMortgage Prepayment Fees Land CIBC in Court
It’s not uncommon for banks and mortgage lenders to charge prepayment fees on their mortgages. Even though you’re helping the bank by paying off more earlier, you’re also hurting them by taking away the money they would gain on the remaining interest of your loan. But even though most lenders have prepayment fees, they still need to adhere to rules and guidelines when setting those fees. Recently, CIBC has broken these rules and charged their customers far too much in prepayment fees and that’s how they’re now making mortgage news – by facing a class-action lawsuit.
Read moreUS Banks Being Sued; Here’s for What
It was on Friday that the news rang out through the world that the U.S. banks were being sued by the Federal Housing Finance Agency (FHFA), on behalf of Freddie Mac and Fannie Mac. But just why are they being sued, and what banks exactly can expect to go to court (or at least shell out some major bucks in damages in order to avoid it?)
Read moreAustralia Urged to Follow Canada’s Mortgage Insurance System
Australian government urged to follow the Canadian model of selling mortgage insurance to all financial institutions to create fair competition.
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